Wedbush Lowers Q3 Estimate on Quidel
A report from Wedbush reiterates its Neutrsl rating and $13 moth price target and lowers the Q3 estimate from $.08 to $.03 on Quidel (NASDAQ: QDEL).
The report states, “Our $13 target is based on a 2012 EV/sales multiple of 2.4x, which represents roughly a 11% discount versus the peer group median of 2.7x, which is fair to us given the seasonality of the business and the slower organic growth profile. QDEL is trading at a premium to peers on a 2012E PE multiple basis (36x vs 20x peer group median) and is poised to generate FCF yield of ~5% versus the peer group median of 5%."
QDEL closed yesterday at $15.82.
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